It launches new products for UK residents and expats
Responding to the growing demand from landlords, Beverley Building Society has entered the buy-to-let market with mortgage products for UK residents and expats.
The buy-to-let product for UK residents has a variable rate of 5.64% with a completion fee of £995, available at up to 70%. The expat product, with the same features, has a variable rate of 6.04%.
According to the lender, the two buy-to-let products are specifically designed to help both new and existing landlords up to a total of three BTL properties per client and are also available for non-owner occupiers. A minimum application income of £20,000 per annum is required for the UK buy-to-let product, and at least £40,000 per annum for the expat offering.
The mutual also offers a rental calculation of 130% for basic and high-rate taxpayers at the higher figure of 2% above payrate, or at 5.5%. For its expat product, there is a list of acceptable countries and a UK named individual – family member or solicitor – is required, as well as their address for service of notices.
Full details of Beverly’s new buy-to-let products can be accessed online through the lender’s website.
“I am thrilled to announce our official launch into buy-to-let lending,” remarked Simon Glass (pictured), head of new lending at Beverley Building Society. “I am confident that our expertise and innovative solutions will empower aspiring property investors to achieve their financial goals.
“This strategic expansion marks a significant milestone in our mission to provide accessible and tailored mortgage products to a broader range of customers.”
Earlier this year, Uswitch reported that buy-to-let mortgages in 2022 were worth around three times the total market value from 2007, at an estimated £955 billion. It was predicted that by 2032, buy-to-let mortgages should be worth over £1.4 trillion if current trends prevail. The statistics also showed that £8.5 billion worth of properties were bought by UK landlords in the first quarter of 2022 alone.
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